Quarterly report pursuant to Section 13 or 15(d)

Consolidated Statements of Income (Unaudited)

v3.21.2
Consolidated Statements of Income (Unaudited) - USD ($)
 3 Months Ended 6 Months Ended
Jun. 30, 2021
Jun. 30, 2020
Jun. 30, 2021
Jun. 30, 2020
Interest and dividend income:        
Interest and fees on loans receivable $ 52,785,000 $ 52,230,000 $ 103,400,000 $ 106,878,000
Interest on securities 1,404,000 3,225,000 2,544,000 6,880,000
Dividends on FHLB stock 242,000 203,000 448,000 492,000
Interest on deposits in other banks 176,000 78,000 272,000 411,000
Total interest and dividend income 54,607,000 55,736,000 106,664,000 114,661,000
Interest expense:        
Interest on deposits 3,003,000 8,889,000 6,953,000 21,631,000
Interest on borrowings 447,000 760,000 933,000 1,256,000
Interest on subordinated debentures 1,585,000 1,645,000 3,204,000 3,357,000
Total interest expense 5,035,000 11,294,000 11,090,000 26,244,000
Net interest income before credit loss expense 49,572,000 44,442,000 95,574,000 88,417,000
Credit loss (recovery) expense (3,327,000) 24,594,000 (1,217,000) 40,333,000
Net interest income after credit loss (recovery) expense 52,899,000 19,848,000 96,791,000 48,084,000
Noninterest income:        
Service charges on deposit accounts 2,344,000 2,032,000 4,599,000 4,432,000
Trade finance and other service charges and fees 1,259,000 961,000 2,280,000 1,948,000
Gain on sale of Small Business Administration ("SBA") loans 3,508,000   7,633,000 1,154,000
Net gain on sales of securities   15,712,000 99,000 15,712,000
Other operating income 1,775,000 2,226,000 4,081,000 3,908,000
Total noninterest income 8,886,000 20,931,000 18,692,000 27,154,000
Noninterest expense:        
Salaries and employee benefits 18,302,000 14,701,000 35,122,000 32,450,000
Occupancy and equipment 4,602,000 4,508,000 9,198,000 8,983,000
Data processing 2,915,000 2,804,000 5,841,000 5,473,000
Professional fees 1,413,000 1,545,000 2,860,000 3,460,000
Supplies and communications 733,000 858,000 1,489,000 1,639,000
Advertising and promotion 374,000 456,000 732,000 1,190,000
Other operating expenses 2,444,000 2,266,000 5,074,000 5,011,000
Total noninterest expense 30,783,000 27,138,000 60,316,000 58,206,000
Income before tax 31,002,000 13,641,000 55,167,000 17,032,000
Income tax expense 8,880,000 4,466,000 16,386,000 5,506,000
Net income $ 22,122,000 $ 9,175,000 $ 38,781,000 $ 11,526,000
Basic earnings per share $ 0.72 $ 0.30 $ 1.26 $ 0.38
Diluted earnings per share $ 0.72 $ 0.30 $ 1.26 $ 0.38
Weighted-average shares outstanding:        
Basic 30,442,993 30,426,967 30,452,320 30,447,984
Diluted 30,520,456 30,426,967 30,526,120 30,450,231